Elon, NC (January 8, 2019) – The Altamahaw-Ossipee Volunteer Fire Department received a $261,000 zero-interest loan to purchase a new fire truck. Piedmont Electric Membership Corporation is playing a supporting role in this purchase by facilitating this loan funded from the United States Department of Agriculture’s (USDA) Rural Economic Development Loan and Grant (REDLG) program.
This zero-interest loan will save the Altamahaw-Ossipee Volunteer Fire Department thousands of dollars in interest over the term of the loan.
“I cannot express enough how a savings like this would affect us in our goal to provide the best service possible,” said Chief Edward L. Lipscomb Jr. “This savings alone, just to put it into perspective, equals the cost of having our Stoney Creek Church Road station manned for just over two years.”
The new fire truck will allow the department to meet the three-engine requirement set by the Department of Insurance for their fire district and further improve their level 6 Insurance Service Office (ISO) rating.
“These ISO ratings reduce the cost of fire insurance premiums for home and business owners and make it more attractive for growth in the Altamahaw-Ossipee Fire District,” said Chief Edward L. Lipscomb Jr.
The funds for this truck came from the USDA REDLG program facilitated by Piedmont Electric. The program provides zero-interest funds from the federal government to local electric cooperatives who in turn lend the money to local entities for projects that support rural areas.
“We are proud to work with the Altamahaw-Ossipee Volunteer Fire Department to improve the quality of life in one of the communities we serve,” said Steve Hamlin, Piedmont Electric President and CEO. “Supporting our community is one of our seven guiding principles that we have followed since we were founded over 80 years ago. This zero-interest loan program allows us to support our communities far beyond our electric service.”
In the past several years, Piedmont Electric has secured more than $10 million in USDA funding within Alamance, Caswell, Orange, Durham and Person counties for fire trucks, fire stations, ambulances, schools and a public library. As the funds are repaid they are re-loaned to assist with future projects in communities served by Piedmont Electric.
Piedmont Electric is a local, member-owned, not-for-profit electric cooperative serving more than 31,000 electric accounts in Caswell, Alamance, Durham, Granville, Orange and Person counties. Piedmont Electric exists to serve our members and improve the quality of life in our communities through local employment, economic development, business engagement, youth education, grants to educators, advocacy for energy issues, community involvement and emergency preparedness support. Visit www.pemc.coop for more information.
Photo caption: Members of the Altamahaw-Ossipee Volunteer Fire Department, Senator Rick Gunn, representatives of Congressman Mark Walker, Caswell County, NCREA and Piedmont Electric gather to celebrate the closing of $261,000 in zero-interest loans to the Altamahaw-Ossipee Volunteer Fire Department.
Attendees in photo from left to right:
Tony Massey – Alamance County Fire Marshal
Carl Walker – Atlantic Emergency Solutions
Frances Liles – NCREA Chief Administrator
Michael Huskey – Firefighter at the AO Volunteer Fire Department
Logan Tuggle Jr – Firefighter at the AO Volunteer Fire Department
Robert Byrd – Firefighter at the AO Volunteer Fire Department
Amy Galey – Alamance County Commissioner
Senator Rick Gunn
Susan Cashion – Vice President, Chief Compliance and Administrative Officer at Piedmont Electric
Julie Emmons – Representing Congressman Mark Walker
Steve Hamlin – President and CEO of Piedmont Electric
Chief Edward Lipscomb Jr. – AO Volunteer Fire Department
Dianne Watkins – Board of Director Treasurer for the AO Volunteer Fire Department
Randy Kinley – Piedmont Electric Board of Directors
Justin Newton – Deputy Chief at the AO Volunteer Fire Department
Cy Vernon – Piedmont Electric Board of Directors
Kyle Cook – Captain at the AO Volunteer Fire Department
Billy Blanchard – Assistant Chief at the AO Volunteer Fire Department
Sam Woods – Piedmont Electric Board of Directors
Larry Howard – Firefighter at the AO Volunteer Fire Department
Photo caption: Senator Rick Gunn, Commissioner Amy Galey and Julie Emmons, representing Congressman Mark Walker, discuss the Altamahaw-Ossipee Volunteer Fire Department’s new fire truck.